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We have been tracking the Ethereum price for weeks now, and right now Ethereum is trading in what we termed the Kill Zone.
This zone is made up of the major resistance zone on the 4-hour timeframe.
The Ethereum price must break through this zone to become bullish again. This Ethereum major zone ends at the $3,280 horizontal resistance level on the 4-hour timeframe.
As far as the Ethereum price continues to trade below this major $3,280 key resistance level, there is a very high probability this bullish rally will fail!
In this Ethereum analysis, we will be talking about both the bullish and the bearish price scenarios that might play out in the coming days.
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What Can We Expect Next?
For the Ethereum bullish rally to continue, the Ethereum price needs to break through the $3,280 key level on the 4-hour timeframe.
We believe there is a lot of bearish orders and sellers currently seating at this key level on the Ethereum price chart. And unless broken, it will cause a major problem for the Ethereum bulls sooner or later.
This makes the $3,280 key resistance level on the 4-hour timeframe the most important resistance for the Ethereum bulls.
What Is Price Doing Now?
Ethereum is still trading in this kill zone and gradually approaching this $3,280 key resistance level on the 4-hour timeframe.
The question now is
Can the Ethereum bulls breakthrough this $3,280 key resistance or should we expect a price failure in the coming days?”
How price reacts to this level will determine what we can expect from Ethereum in the coming days and weeks.
Final Verdict!
The Ethereum price might be surging higher right now, but the Altcoin is still not out of the woods yet. Right now the ETH price is trading in a major resistance zone on the 4-hour timeframe.
Unless the ETH price can break through this zone and above the $3,280 key resistance level on the 4-hour timeframe, the ETH bulls might soon get trapped in a bearish reversal that could drive Ethereum back down to the base of the converging triangle pattern.
We will keep you updated as the price of the Altcoin develops.
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